Adjustment Lending Policies for Sustainable Growth

摘要

The report on adjustment lending has two parts. Part I reviews the Bank'sexperience with adjustment lending. In addition, the report highlights the decline in investment associated with many adjustment efforts. Part II focuses on the need to restore growth in the adjusting countries and on the requirements for removing the impediments to factor mobility, increasing investment in the later stages of the adjustment, and (given the paucity of external funding) increasing national saving. These chapters draw on recent research and accumulated experience to identify policies that lead to higher growth through increases in saving, investment, and the efficiency of investment.